Employee Benefits

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

Employee Benefits:

Pension and other defined contribution retirement plan expenses included the following components:

U.S. Plans	Three Months Ended March 31,
(DOLLARS IN THOUSANDS)	2017			2016
Service cost for benefits earned	$	698		$	771
Interest cost on projected benefit obligation	4,560			6,007
Expected return on plan assets	(9,246		)	(8,069		)
Net amortization and deferrals	1,793			1,387
Net periodic benefit cost	(2,195		)	96
Defined contribution and other retirement plans	2,255			2,402
Total expense	$	60		$	2,498
Non-U.S. Plans	Three Months Ended March 31,
(DOLLARS IN THOUSANDS)	2017			2016
Service cost for benefits earned	$	5,514		$	3,775
Interest cost on projected benefit obligation	3,848			6,366
Expected return on plan assets	(12,133		)	(11,949		)
Net amortization and deferrals	3,923			3,264
Net periodic benefit cost	1,152			1,456
Defined contribution and other retirement plans	1,297			1,707
Total expense	$	2,449		$	3,163

The Company expects to contribute a total of approximately $10 million to its U.S. pension plans during 2017. During the three months ended March 31, 2017, no contributions were made to the qualified U.S. pension plans, $24.2 million of contributions were made to the non-U.S. pension plans and $1.1 million of benefit payments were made with respect to the Company's non-qualified U.S. pension plan.

As of January 1, 2017, the Company changed its approach for calculating the discount rate which is applied to the Consolidated Balance Sheet and Consolidated Statement of Comprehensive Income from a single weighted-average discount rate approach to a multiple discount rate approach. The impact of this change for the full year 2017 is estimated to be a reduction of approximately $8 million in pension expense.

Expense recognized for postretirement benefits other than pensions included the following components:

	Three Months Ended March 31,
(DOLLARS IN THOUSANDS)	2017			2016
Service cost for benefits earned	$	221		$	215
Interest cost on projected benefit obligation	588			787
Net amortization and deferrals	(1,046		)	(1,355		)
Total postretirement benefit income	$	(237	)	$	(353	)

The Company expects to contribute approximately $5 million to its postretirement benefits other than pension plans during 2017. In the three months ended March 31, 2017, $1.2 million of contributions were made.